From the Swiss franc's record rise in January to the near certainty of a historic US interest rate hike in December, 2015 was a far more volatile year for financial markets than most predicted 12 months ago.
Bond yields across Europe plunged well below zero, the Dow Jones fell 1,000 points in one day in August and turmoil in Chinese stocks turned a downturn across emerging markets into a rout. No fewer than 43 central banks eased policy.
While the direction of these moves may have surprised few observers, the scale, speed and depth caught most off guard. This suggests a high degree of complacency permeated markets throughout the year, although a lack of liquidity was often blamed.
Below are 10 key market milestones that defined the year: